Performance Guarantee - Law Dictionary Search Results
Home Dictionary Name: performance guaranteePerformance guarantee
Performance guarantee, includes the documents such as letter of comfort, paper purchase agreement, state support agreement, concession agreement for infrastructure project and other agreements guaranteed in certain performance on behalf of government departments, public sector undertakings, local authorities, statutory boards, corporations and cooperative institutions. [West Bengal Ceiling on Government Guarantees Act, 2001, s. 2(d)]...
Guaranty, or Guarantee
Guaranty, or Guarantee, a promise to a person to be answerable for the payment of a debt or the performance of a duty by another, in case he should fail to perform his engagement. An offer to guarantee until it be accepted is not binding. At Common Law a guarantee need not have been in writing, but the Statute of Frauds (29 Car. 2, c. 3), s. 4, enacts that 'No action shall be brought whereby to charge the defendant upon any special promise to answer for the debt, default, or miscarriages of another person, unless the agreement upon which such action shall be brought, or some memoran-dum or note thereof, shall be in writing, and signed by the party to be charged therewith or some other person thereunto by him lawfully authorized.' In case of guarantees, great inconvenience had resulted from the construction put upon the above s., viz., that the consideration for the promise of the guarantor must appear upon the written instru-ment. To remedy this, the Mercantile Law Amend-ment Act, 1856...
Guarantee
Guarantee, he to whom a guaranty is made; also, and more commonly, the guaranty itself. See GUARANTY.The assurance that a contract or legal act will be duly carried out; Something given or existing as security, such as to fulfill a further engagement or a condition subsequent, Black's Law Dictionary, 7th Edn., p. 711.Company limited by. See COMPANIES.Guarantee includes any obligation undertaken before the commencement of this Constitution to make payments in the event of the profits of an undertaking falling short of a specified amount. [Constitution of India, Art. 366(13)]Guarantee, is in collateral engagement to answer for the debt, default, or miscarriage of another person, a promise to another as debtor to secure the payment of a debt payable to him, Stroud's Judicial Dictionary, Vol. 2, p. 1111.Includes any obligation undertaken before the com-mencement of the constitution to make payments in the event of the profits of an undertaking falling short of a specified amount, Constitut...
Contract of guarantee
Contract of guarantee, in relation to any hire-purchase agreement, means a contract whereby a person (in this Act referred to as the surety) guarantees the performance of all or any of the hirer's obligations under the hire-purchase agreement. [Hire-Purchase Act, 1972 (26 of 1972), s. 2 (a)]...
Guarantee
In law and common usage A promise to answer for the payment of some debt or the performance of some duty in case of the failure of another person who is in the first instance liable to such payment or performance an engagement which secures or insures another against a contingency a warranty a security Same as Guaranty...
guarantee
guarantee [probably alteration of guaranty] 1 : guarantor 2 : guaranty 3 : an assurance that a condition will be fulfilled: as a : an agreement by which one person undertakes to secure another in the possession or enjoyment of something b : an assurance of the quality or of the length of use to be expected from a product offered for sale often with a promise of reimbursement 4 : guaranty [constitutional s] guarantee vt ...
Specific performance
Specific performance. Equity, in obedience to the cardinal rule of natural justice that a person should perform his agreement enforces, pursuant to a regulated and judicial discretion, the actual accomplishment of a thing stipulated for, on the ground that what is lawfully agreed to be done ought to be done, and that damages at law for breach of the contract are not a sufficient com-pensation. The Common Law has not recognized this principle; it has only given damages to a suffering party for the non-performance of an executory agreement. The (English) C.L.P. Act, 1854, however, imparted to the Common Law writ of mandamus a little more efficacy by provisions since superseded by s. 24 of the Judicature Act, 1873, now by Judicature Act, 1925, s. 36, and the (English) Mercantile Law Amendment Act, 1856, introduced a procedure for enforcing the specific delivery of goods sold, specially superseded by s. 52 of the (English) Sale of Goods Act, 1893.An award of damages may be combined with a ...
performance
performance 1 : work done in employment [unsatisfactory ] 2 a : what is required to be performed in fulfillment of a contract, promise, or obligation [substituted a new in novation of the contract] b : the fulfillment of a contract, promise, or obligation part performance 1 : partial performance of a contract, promise, or obligation 2 : a doctrine which provides an exception to the Statute of Frauds requirement that a contract be in writing by treating partial performance and the acceptance of it by the other party as evidence of an enforceable contract compare partial breach at breach spe·cif·ic performance 1 : the complete or exact fulfillment of the terms of a contract, promise, or obligation 2 : an equitable remedy that requires a party to fulfill the exact terms of a contract, promise, obligation, or decree mandating a remedy and that is used when legal remedies (as damages) are inadequate [the common law prohibition against specific performance as a remedy for...
Theatrical performance
Theatrical performance, a theatrical performance does not mean merely dramatic performance. It includes operatic or other representations or performances, AIR 1966 MP 198. [Madhya Pradesh Municipal Corporation Act (23 of 1956), s. 132 (2)(n)]Theatrical performance, includes operatic or other representation or performances. It must be, so as to include not merely dramatic performances but other performances and representations, than it follows that the expression 'other shows for public amusement' would include a cinema show, Delite Talkies v. Jabalpur Corporation, AIR 1996 MP 298: 1966 MP LJ 687: 1966 Jab LJ 1127....
guaranteed bond
guaranteed bond see bond ...
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